Emirates More Than Doubles Half-Year Profits

Emirates has underlined its position as one of the most successful airlines in the world by announcing today a 140% rise in half-yearly profits to Dhs 404.2 million (US$110 million) compared to Dhs 168.2 million (US$45.7 million) last year.

The results, for the six months to 30th September 2002, again shows Emirates bucking current trends affecting the airline industry, with an operating revenue of Dhs 4.3 billion, representing strong growth of 27% compared to Dhs 3.4 billion in 2001. The figures are based on unaudited financial results.

His Highness Sheikh Ahmed bin Saeed Al-Maktoum, Emirates Chairman, said:

"We are very pleased to announce this substantially-increased half-yearly profit during a challenging time for the aviation industry.

“We are particularly pleased that the surge in passenger and cargo traffic has been spread equally across the entire network.”

At the same time as this very healthy result, Emirates is continuing to invest in improving passenger comfort by acquiring new Airbus A330 and Boeing 777-300 aircraft, opening a new First and Business Class Check-in Lounge at Dubai International Airport, and inaugurating services to five new passenger and two new cargo destinations.

Even though overall seat capacity increased by 18%, seat factor increased to 78% compared to 74% the previous year, with cargo revenues growing by 38%.

The cash balance on 30th September 2002 was a robust Dhs 3.9 billion (US$1.1 billion) compared to Dhs 2.8 billion (US$763 million) last year.